Operator

Good day, and welcome to Petco’s First Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Roxanne Meyer, Vice President, Investor Relations and Treasury. Please go ahead.

Roxanne Meyer
VP, Head of Investor Relations & Treasury

Good afternoon, and welcome to Petco’s First Quarter Fiscal 2026 Earnings Conference Call. Joining me on the call today are Joel Anderson, Petco’s Chief Executive Officer; and Sabrina Simmons, Petco’s Chief Financial Officer.

In addition to the earnings release, we’ve posted a slide presentation on our website at ir.petco.com. I’d like to remind everyone that on this call, we will make certain forward-looking statements, which are subject to a number of risks and uncertainties that could cause actual results to differ materially from such statements. These risks and uncertainties include those set out in our earnings materials and SEC filings.

In addition, on today’s call, we will refer to certain non-GAAP financial measures. Reconciliations of these measures can be found in our earnings release, presentation and SEC filings.

With that, I’ll turn the call over to Joel.

Joel Anderson
CEO & Director

Thanks, Roxanne, and good afternoon, everyone. Thank you for joining us to discuss our first quarter

New Delhi: In a move that could add pressure on India to quickly conclude a bilateral trade deal with the US, the US Trade Representative on Wednesday proposed an additional 12.5% duty on 54 countries, including India, over alleged failure to restrict imports of goods produced with forced labour in third countries.

It has proposed new tariffs on most Indian goods.

India said it is engaged with the US on investigations under Section 301 of the US Trade Act of 1974, concerning forced labour and excess industrial capacity. This comes at a time when India and the US are engaged in a three-day discussion in New Delhi to finalise the details of an interim deal ahead of the proposed bilateral trade agr eement (BTA).

Meanwhile, Canada PM Mark Carney said the country shares US’ concerns about the use of forced labour and would soon propose its own measures to clamp down further on the practice.

‘No Final Decision on Levy Yet’
“India remains engaged with the US on the matter as a part of Section 301 proceedings,” the commerce and industry ministry said in a statement. “India is also parallelly engaged with the US for finalisation of a framework agreement…”
The USTR proposal follows investigations launched against 60 countries over what it described as their failure to impose and effectively enforce bans on imports of goods made with forced labour. “Specifically, the US Trade Representative proposes additional duties on all products of the investigated economies, except as provided in annex A,” it said.
The annex includes meat products, food items, chemicals, certain coal, ores, natural gas, petroleum products, uranium and pharmaceuticals, among others.

The USTR said its investigation indicated “that the acts, policies and practices of India related to the failure to impose and effectively enforce a forced labour import prohibition are unreasonable and burden or restrict US commerce.”

Trade experts said India has several grounds to challenge the probe and that it could be a pressure tactic to make New Delhi yield to other demands.

The commerce and industry ministry noted that the proposed tariffs are not final, and stakeholders can participate in public hearings to be held on July 7. “The USTR will consider the comments and testimony received before taking a final decision on the proposed measures,” it said.

Also, products covered under Section 232 tariffs, such as steel and aluminium, and certain other products are excluded from the tariff proposals. “A special mechanism has also been proposed for textile and apparel products that could allow a certain volume of imports from selected economies to enter the US at lower tariff rates,” the ministry said, although specific rates have not yet been finalised.

The USTR had launched two separate Section 301 investigations on March 11 and 12, 2026, covering 60 economies over concerns related to forced labour and excess industrial capacity. On June 2, it issued its findings in the forced labour investigation and proposed additional tariffs on imports from 60 economies. The proposal includes additional 10% tariff on imports from Canada, Ecuador, the EU, Indonesia, Mexico and Pakistan, and additional 12.5% tariff on imports from 54 other economies, including India and China.

Pressure Tactic
“The move is a pressure tactic for us to yield on trade and oil-related demands. India should be cautious,” a trade expert said on the condition of anonymity.

India should be prepared for additional Section 301 tariffs in areas such as excess capacity, where the US is conducting another investigation, the person added.

Think tank GTRI said New Delhi should challenge the ambit of the probe.

“The current investigation exceeds the scope of Section 301, which deals with market-access barriers faced by the US firms in the country being investigated and not what it imports and from where,” GTRI founder Ajay Srivastava said.

India must argue that the US is attempting to impose its preferred import-control framework on other countries through unilateral trade measures, which is outside the scope of Section 301, he said.

“India may also argue that concerns regarding forced labour, particularly in countries such as China, are often product-specific and that the US itself remains a major importer of many of the products at issue,” Srivastava said. “Hence, broad country-wide tariff actions are an inappropriate response when the problem could be limited to a few products.”

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Reddit, Inc. (RDDT) Bank of America 2026 Global Technology Conference June 3, 2026 6:20 PM EDT

Company Participants

Steven Huffman – Co-Founder, CEO, President & Director

Conference Call Participants

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Justin Post – BofA Securities, Research Division

Presentation

Justin Post
BofA Securities, Research Division

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Very pleased to have Steve Huffman here from Reddit, CEO and Founder. And we’re going to go through a lot of big picture questions we get all the time, some concurrent events and then some business model questions. And we also have questions from Reddit audience. So I think it should be a good discussion. So thank you so much for coming.

Steven Huffman
Co-Founder, CEO, President & Director

Yes. Thanks, Justin. Really glad to be here.

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Question-and-Answer Session

Justin Post
BofA Securities, Research Division

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Great. Why don’t we just start off with you? What do you spend most of your time doing? And what are some of your priorities right now?

Steven Huffman
Co-Founder, CEO, President & Director

So the big goal for Reddit — well, if we start with our mission, right? Our mission is communities for everybody. So — but to make that more concrete, we really think about how do we 10x our user base, how do we 20x our revenue. So how do we get to 1 billion global DAU? And on the path to that, I think our most nearest-term milestone is how do we get to USD 100 million DAU. So broadly, we’re thinking about people and products. So we’ve been going through, I think, a big evolution over the last year, making really some foundational changes to our teams. So at the end of the day, great products are made by great people. And so it’s been kind of just a constant evolution of Reddit of just upgrading our team, so whether we’re evolving ourselves or bringing in outside folks, but just to have the absolute best team possible, so we’re going to have

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He noted that SpaceX was pricing itself compared to its sales at a ratio that is higher than any other major company included in what investors refer to as the “Mag 7” – Alphabet, Amazon, Apple, Meta, Nvidia, Microsoft and Tesla, another of Musk’s companies.

NEW YORK — Global Running Day 2026 takes place on Wednesday, June 3, encouraging millions of people across the globe to lace up their shoes and celebrate the simple act of running, regardless of speed, distance or experience level.

Now in its 11th year as a global event, the day continues to grow as a unifying movement that promotes physical activity, mental wellbeing and community connection. Organizers emphasize that participation requires no races, fees or elite performance — just the willingness to move.

Here are 10 essential things to know about Global Running Day 2026:

1. Date and Global Reach Global Running Day is held annually on the first Wednesday in June. In 2026, that falls on June 3. The event draws participants from more than 170 countries, with millions pledging to run, jog or walk on the designated day.

2. Origins as National Running Day The observance began in 2009 as National Running Day in the United States. It evolved into Global Running Day in 2016, when New York Road Runners helped expand it internationally. The inaugural global edition saw over 2.5 million people from 177 countries participate, logging more than 9.2 million miles collectively.

3. Inclusive Philosophy The core message remains that everyone can participate. Whether running a 5K, jogging around the block, or walking on a treadmill, the emphasis is on getting moving rather than competition. Organizers stress that the day is about joy, health benefits and inspiring others to start or maintain an active lifestyle.

4. Virtual Events and Challenges In 2026, the New York Road Runners Virtual Global Running Day 5K allows participants to run anywhere between May 30 and June 7. Strava is partnering for a major group 5K challenge aiming to set records for most 5Ks completed in a single day. These virtual formats make the event accessible worldwide.

5. Health and Wellbeing Focus Running offers proven benefits including improved cardiovascular health, stronger bones, better mental health and reduced risk of chronic diseases. Global Running Day highlights these advantages while encouraging beginners to start gradually and listen to their bodies.

6. Community and Local Events Cities and running clubs organize group runs, charity events and challenges. In 2026, events range from crew challenges in Baltimore to 5K celebrations in Arizona and various international gatherings. Local participation strengthens community bonds and creates lasting motivation.

7. Youth and Family Involvement Special programs target children and families. The Virtual NYRR Global Running Day Kids Run encourages young participants to move between June 1 and June 16. These initiatives aim to instill healthy habits early and make physical activity fun for the next generation.

8. Celebrity and Brand Support Major running brands, athletes and organizations back the day with promotions, giveaways and awareness campaigns. Past supporters have included Olympic medalists and ultrarunners who use the platform to share personal stories and encourage broader participation.

9. Mental Health Advocacy Many runners cite mental health benefits, including stress reduction and improved mood. Global Running Day 2026 continues emphasizing running’s role in supporting psychological wellbeing, with participants sharing stories of personal transformation and resilience.

10. Lasting Impact Beyond One Day While the official day is June 3, the spirit extends throughout the week with virtual challenges running until June 7-9 in some cases. Organizers hope the event sparks sustained activity, with many participants setting goals to maintain regular running routines long after the celebration ends.

Global Running Day has evolved from a modest U.S. observance into a significant international movement. Its growth reflects broader societal recognition of physical activity’s importance in an increasingly sedentary world dominated by desk work and digital entertainment.

The event’s flexibility makes it uniquely accessible. Busy professionals can squeeze in a lunchtime run, families can turn it into a group activity, and individuals in remote areas can participate solo while feeling connected to a global community. This adaptability has been key to its expanding popularity.

Health experts endorse the day’s goals. Regular running, even at moderate paces, contributes to better sleep, weight management and cognitive function. For many, Global Running Day serves as an annual reminder or motivational boost to prioritize movement.

Participation has grown steadily since 2016. Virtual formats introduced during the pandemic expanded reach even further, allowing people in regions with limited running infrastructure or safety concerns to join safely from home or local paths.

Corporate wellness programs increasingly incorporate Global Running Day challenges, with companies encouraging employees to log miles individually or as teams. This workplace involvement has helped spread awareness beyond traditional running communities.

Environmental consciousness also plays a role in modern celebrations. Many participants choose eco-friendly routes, avoid single-use plastics during events, and use the day to promote outdoor stewardship alongside personal fitness.

Runners of all abilities find value in the day. Elite athletes use it for light training or community engagement, while beginners gain confidence from knowing millions worldwide are participating simultaneously. This shared experience creates powerful motivation.

Social media amplifies the event’s reach. Hashtags like #GlobalRunningDay allow participants to share photos, routes and personal stories, building virtual communities that extend the celebration beyond physical miles.

For 2026, organizers aim to break previous participation records while maintaining the event’s welcoming ethos. Whether someone runs their first mile or logs a personal best, the focus remains on celebration rather than competition.

Global Running Day also serves educational purposes. It raises awareness about proper running form, injury prevention and the importance of gradual progression for newcomers. Many local clubs offer free clinics or tips tied to the event.

The economic impact extends to running gear manufacturers, event organizers and tourism in running-friendly destinations. However, the day’s true value lies in its non-commercial core message of accessible health and joy through movement.

As June 3 approaches, individuals and groups worldwide are finalizing plans. Some will run at sunrise, others during lunch breaks, and many in evening community events. The collective miles logged will represent more than individual achievements — they symbolize a global commitment to healthier, more active lives.

Global Running Day 2026 reminds everyone that running transcends borders, ages and abilities. In a fast-paced world, it offers a simple yet profound way to connect with oneself, others and the environment. Whether a seasoned marathoner or first-time jogger, participants on June 3 join a worldwide movement that celebrates human potential one step at a time.

The day’s enduring appeal lies in its simplicity and inclusivity. No expensive equipment or special talent is required — just the decision to move. As millions prepare to participate in 2026, Global Running Day continues proving that the most powerful runs often begin with a single, joyful step.

NEW YORK — The Russell 2000 Index rose 26.20 points, or 0.90%, to close at 2,931.96 on Wednesday, marking a strong session for small-cap stocks amid renewed investor interest in companies more closely tied to the domestic economy.

The gain outpaced the modest advance in the Nasdaq Composite and stood in contrast to the slight decline in the Dow Jones Industrial Average, highlighting a rotation toward smaller companies as traders assessed mixed economic signals and shifting expectations for Federal Reserve policy.

Small-cap stocks have shown renewed strength in recent sessions as investors seek exposure to firms that could benefit from domestic growth, lower borrowing costs over time, and reduced sensitivity to international trade tensions. The Russell 2000, which tracks the performance of approximately 2,000 smaller U.S. companies, has been a key barometer of risk appetite and confidence in the broader economic recovery.

Wednesday’s advance came as several factors aligned in favor of smaller companies. Recent data showing resilient consumer spending provided reassurance about domestic demand, while certain regional banks and industrial firms within the index posted solid earnings. Technology and growth-oriented small caps also contributed positively as artificial intelligence themes extended beyond mega-cap names.

Market analysts noted that small-cap stocks often perform well during periods when interest rate cuts appear more likely. Although the Fed has maintained a cautious stance, traders continue pricing in modest monetary easing later in 2026. Lower rates typically benefit smaller companies that rely more heavily on borrowing for expansion and operations.

The session reflected broader market rotation dynamics. While large-cap technology stocks have dominated headlines for much of 2026, capital has periodically flowed into smaller names perceived as undervalued or positioned for cyclical recovery. Financials, industrials and consumer discretionary sectors within the Russell 2000 led the day’s gains.

Trading volume was healthy, suggesting genuine conviction rather than short-term noise. Advancing stocks significantly outnumbered decliners on the exchange, indicating broad participation across the small-cap universe rather than gains concentrated in just a few names.

This performance builds on the Russell 2000’s solid year-to-date results. The index has recovered from earlier volatility and now trades well above levels seen at the start of the year. However, it still trails the S&P 500 and Nasdaq in total return, reflecting the continued influence of mega-cap companies on major benchmarks.

Economists point to several tailwinds for small businesses and smaller public companies. Steady hiring in service sectors, infrastructure spending initiatives and potential fiscal support measures could create favorable conditions. At the same time, persistent inflation concerns and elevated borrowing costs remain headwinds that smaller firms must navigate carefully.

The Russell 2000’s composition makes it particularly sensitive to domestic developments. With heavy exposure to regional banks, construction firms, retailers and healthcare providers, the index often moves on news related to consumer confidence, housing activity and small business lending conditions.

Wednesday’s gain also coincided with positive sentiment in certain cyclical areas. Energy and materials names within the index benefited from stable commodity prices, while technology-related small caps rode momentum from broader AI enthusiasm. This diversification helped the index post a stronger relative performance compared to large-cap focused benchmarks.

Looking ahead, investors will monitor upcoming economic releases for further direction. Wholesale inflation data and weekly jobless claims could influence expectations for the Fed’s path. Stronger-than-expected figures might delay rate cuts and pressure small caps, while softer data could accelerate the rotation into smaller names.

Corporate earnings from smaller companies will also play a crucial role. Many Russell 2000 constituents report results in coming weeks, offering insights into pricing power, cost management and demand trends. Analysts expect varied performance, with companies demonstrating efficiency and innovation likely to be rewarded.

The current market environment features a divergence between large and small companies. Mega-cap firms benefit from global reach, strong balance sheets and technological leadership. Smaller companies, however, offer potential upside from domestic economic cycles and possible mergers and acquisitions activity as larger firms seek growth opportunities.

Volatility in the Russell 2000 remains higher than in major indices, reflecting the greater business and financial risks associated with smaller enterprises. This characteristic makes the index attractive for active investors seeking alpha but requires careful risk management.

For individual investors, exposure to small caps can provide portfolio diversification. Many financial advisors recommend including Russell 2000-linked funds or ETFs as part of a balanced allocation, particularly during periods of expected economic expansion or monetary easing.

Broader economic context supports cautious optimism for small businesses. GDP growth has remained above 2% in recent quarters, supported by consumer spending and business investment. However, higher interest rates continue constraining certain segments, particularly interest-rate-sensitive industries such as real estate and construction.

International factors also influence small-cap performance indirectly. A stronger U.S. dollar can pressure export-oriented smaller firms, while domestic-focused companies may benefit from reduced foreign competition in certain markets.

As 2026 progresses, many strategists expect small caps to narrow the performance gap with large caps if economic conditions remain supportive. Potential catalysts include clearer monetary policy signals, fiscal measures and continued strength in domestic consumption.

The Russell 2000’s Wednesday advance demonstrates resilience and selective buying interest. While not erasing all concerns about valuations and economic uncertainty, it suggests investors are finding opportunities beyond the largest market names.

Market participants will continue watching central bank communications closely. Any dovish signals from Fed officials could provide additional support for small caps, which tend to benefit more significantly from lower financing costs.

In summary, the Russell 2000’s 0.90% gain to 2,931.96 reflects a constructive session for smaller companies. As investors balance growth expectations with policy realities, small-cap stocks remain an important component of the market narrative in 2026.

The coming weeks will offer more clarity as economic data accumulates and corporate reporting seasons advance. For now, Wednesday’s performance provides a positive signal for those betting on the strength and potential of America’s smaller public companies.

NEW YORK — Gold prices declined $34.60, or 0.77%, to settle at $4,485.30 per ounce on Wednesday, extending recent weakness as a stronger U.S. dollar and persistent expectations for cautious Federal Reserve policy weighed on the precious metal.

The drop marked the second consecutive session of losses for gold, which had reached record highs earlier in 2026 amid geopolitical tensions and central bank buying. Wednesday’s decline reflected shifting investor sentiment as improving risk appetite reduced demand for safe-haven assets.

Market participants pointed to several interconnected factors behind the move. The U.S. dollar strengthened against major currencies following mixed but generally resilient economic data, making dollar-priced gold less attractive for international buyers. Additionally, recent inflation readings suggested the Fed may maintain higher interest rates for longer than previously anticipated, increasing the opportunity cost of holding non-yielding assets like gold.

Comex gold futures for the most active contract reflected this pressure throughout the session. Trading volume was solid as hedge funds and institutional investors adjusted positions ahead of key economic releases later in the week, including wholesale inflation data and updated consumer confidence figures.

Despite the daily decline, gold remains substantially higher year-to-date. The metal has benefited from sustained central bank purchases, particularly from emerging market nations seeking to diversify reserves away from traditional currencies. Strong jewelry demand in Asia and ongoing geopolitical uncertainties in several regions have also provided underlying support.

Analysts note that gold’s performance in 2026 has been driven by a complex mix of macroeconomic forces. While higher interest rates typically pressure the metal, massive buying by central banks and retail investors in Asia has created a counterbalancing effect. This dynamic has resulted in record prices even as real yields on government bonds remain elevated.

The current environment features a tug-of-war between traditional drivers. Safe-haven demand during periods of market volatility has lifted prices at times, while periods of risk-on sentiment and stronger economic data have led to pullbacks. Wednesday’s session fell into the latter category as equity markets showed resilience and investors rotated toward risk assets.

Investment flows into gold ETFs have been mixed in recent weeks. Some funds reported modest outflows as investors took profits following earlier rallies, while others saw steady inflows from long-term holders. Physical gold markets, particularly in India and China, continued showing robust demand for bars and coins despite higher prices.

Central bank activity remains one of the strongest pillars of support. Nations including China, India, Turkey and several Middle Eastern countries have maintained steady purchases throughout 2026 as part of broader reserve diversification strategies. This institutional demand has helped gold maintain elevated levels even during periods of dollar strength.

Looking ahead, market watchers will focus on upcoming economic indicators for further direction. Stronger-than-expected inflation or employment data could reinforce expectations for fewer rate cuts, adding further pressure on gold. Conversely, signs of economic softening might revive safe-haven buying and support prices.

Technical analysts observed that gold broke below a short-term support level during Wednesday’s trading. The metal now faces potential tests of lower support zones, though many expect any significant declines to attract buying interest given the strong fundamental backdrop.

Broader commodity markets showed mixed performance. Crude oil prices held relatively steady, while industrial metals like copper and aluminum displayed varied movements based on global growth expectations. Gold’s underperformance relative to some risk assets highlighted the current preference for equities over traditional safe havens.

For investors, the recent gold price action serves as a reminder of the metal’s sensitivity to real interest rates and currency movements. While many portfolio managers maintain strategic allocations to gold for diversification, tactical traders have become more active in adjusting exposure based on near-term macroeconomic developments.

The jewelry sector, which accounts for roughly half of annual gold demand, continues showing resilience in key Asian markets despite elevated prices. Cultural and festive buying patterns have supported physical demand, though higher costs have led some consumers to opt for smaller quantities or alternative designs.

Mining companies within the gold sector experienced corresponding pressure in their share prices. Major producers reported mixed results as higher operating costs offset some benefits from elevated metal prices. Companies with strong balance sheets and efficient operations have generally outperformed smaller miners during this period.

Geopolitical factors continue playing an important background role. Ongoing tensions in various regions have prevented more severe declines in gold prices by maintaining a baseline level of safe-haven demand. However, the absence of major new crises has allowed other market forces to exert greater influence on short-term price movements.

As 2026 progresses, many analysts maintain a constructive long-term outlook for gold despite near-term volatility. Structural factors including de-dollarization efforts by some nations, persistent inflation concerns in certain economies, and growing middle-class wealth in Asia are expected to support prices over the coming years.

Investment banks and research firms have published varied forecasts. Some project gold could test new highs later in 2026 if economic growth slows or geopolitical risks escalate, while others see potential for consolidation around current levels if monetary policy remains restrictive.

The gold market’s evolution in recent years reflects its changing role in global finance. Once viewed primarily as a hedge against inflation or crisis, it now also serves as a diversification tool within sophisticated institutional portfolios. This maturation has brought new participants while maintaining appeal to traditional holders.

Wednesday’s decline, while notable, fits within normal market fluctuations for the volatile precious metals sector. Gold has experienced several corrections of 5-10% during its multi-year bull run, often followed by renewed strength as underlying drivers reassert themselves.

Market participants will continue monitoring Federal Reserve communications closely. Any shift toward a more dovish stance could provide significant support for gold prices by reducing the opportunity cost of holding the metal. Conversely, signals of prolonged higher rates would likely maintain pressure in the near term.

For retail investors, the current environment suggests a measured approach. While long-term allocation to gold can provide portfolio balance, timing entries during periods of weakness has historically proven effective for those with longer horizons.

The gold market’s reaction on Wednesday underscores the complex interplay of factors influencing prices in 2026. As investors balance growth expectations, policy developments and geopolitical realities, gold continues playing a vital role in global asset allocation strategies.

Looking further ahead, seasonal patterns and major economic events will shape trading through the remainder of the year. With summer approaching and various central bank meetings scheduled, volatility is likely to persist even as the metal maintains its elevated trading range.

Overall, Wednesday’s 0.77% decline to $4,485.30 reflects normal market dynamics rather than a fundamental shift in gold’s long-term outlook. The precious metal remains a key asset class for investors navigating an uncertain global economic landscape.